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Data refreshed 25 Aug 2026 · Compiled by David Ispiryan
Trust rank #29 · Founded 2010
HFM (formerly HotForex) is a well-regarded forex and CFD broker offering broad market access through popular platforms, varied account types, and risk management tools. It provides research, education, and multilingual support with…
Read the HFM review
Trust rank #24 · Editorial rating 9 / 10 · Founded 1982
TradeStation forex broker offers forex trading on a well-regarded platform with advanced charting, customizable order tools, and API-driven automation. Users can analyze currency pairs, execute trades, and streamline workflows within a technology-focused…
Read the TradeStation reviewHFM (Cyprus, founded 2010) holds 4 regulatory licences (CySEC, DFSA, FCA, FSCA), 1 of them tier-1, offers MT4, MT5 and sits in our low-fee bracket. TradeStation (United States, founded 1982) holds 3 regulatory licences (CFTC, FCA, NFA), 3 of them tier-1, offers Proprietary and sits in our low-fee bracket. The two overlap in 225 countries; HFM is available in 3 countries where TradeStation is not, and TradeStation in 8 where HFM is not.
Scored on 8 measurable dimensions where both brokers have verified data. Dimensions missing for either side are excluded rather than guessed. This is a data summary, not a recommendation.
| Criteria | HFM | TradeStation |
|---|---|---|
| Editorial rating | Not verified | 9 / 10 |
| Trust rank | #29 | #24 |
| Founded | 2010 | 1982 |
| Headquarters | Cyprus | United States |
| Regulators | CySEC, DFSA, FCA, FSCA | CFTC, FCA, NFA |
| Broker type | Market Maker, STP | Market Maker |
| Platforms | MT4, MT5 | Proprietary |
| Instruments | Commodities, Forex, Indices, Metals | Forex |
| Countries accepted | 228 countries | 233 countries |
| Fee level | Low | Low |
| Trading types | CFD Trading, Spot Trading | Spot Trading |
| Best-for use cases | Copy Trading, Retail Trading | Professional Trading, Retail Trading |
Highlighted cells mark the stronger value where a direction is objectively better (e.g. more licences, lower fees). "Not verified" means the field is not yet in our catalogue for that broker — we never fill gaps with estimates.
Available at both (225): Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bonaire, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Cayman Islands, Central African Republic, Chad, Chile, China and 185 more.
Only HFM (3): Iraq, Japan, Libya.
Only TradeStation (8): Antarctica, Bouvet Island, British Indian Ocean Territory, French Southern Territories, Heard Island and McDonald Islands, South Georgia and the South Sandwich Islands, Türkiye, United Arab Emirates.
Availability reflects the countries each broker declares it serves. Local rules change; confirm on the broker's own site before signing up.
HFM holds more regulatory licences: HFM (CySEC, DFSA, FCA, FSCA) versus TradeStation (CFTC, FCA, NFA). Tier-1 licences: HFM 1, TradeStation 3.
HFM offers MT4, MT5; TradeStation offers Proprietary.
Both sit in the same fee bracket (low) in our catalogue; compare the spreads and commission rows above for detail.
TradeStation is the older of the two, founded in 1982; HFM was founded in 2010.
They overlap in 225 countries. HFM is additionally available in 3 countries (Iraq, Japan, Libya) and TradeStation in 8 countries (Antarctica, Bouvet Island, British Indian Ocean Territory, French Southern Territories, Heard Island and McDonald Islands, South Georgia and the South Sandwich Islands and 2 more).
Risk warning: CFDs and forex are complex, leveraged instruments and carry a high risk of losing money rapidly. A majority of retail investor accounts lose money when trading CFDs. Nothing on this page is financial advice; verify licence status on the regulator's register before depositing. Full risk disclosure.